Upstart downgraded to Sell from Neutral at Citi

Citi analyst Peter Christiansen downgraded Upstart to Sell from Neutral with a price target of $11, down from $17. Acknowledging that it had concerns for a more challenging outlook going into results, Citi said it was "still surprised by the company’s indications." While admitting that the company’s "exceptional upside leverage in the past does portend a favorable longer-term risk/reward," the firm thinks new run-rate expectations beyond Q1 seasonality merit a de-rating, especially since more prolonged conditions at current scale could raise concerns of further reductions in the scale of the business.